Unaudited Financial Results

29 November 2024

Beowulf Mining plc

("Beowulf" or the "Company")

Unaudited Financial Results for the Period Ended 30 September 2024

Beowulf Mining (AIM: BEM; Spotlight: BEO), the mineral exploration and development company, announces its unaudited financial results for the nine months ended 30 September 2024 (the "Period").

Activities in the three months ended 30 September 2024 ("Quarter")

Sweden

·      Significant progress was made at the Kallak or Gállok Iron Ore Project ("Kallak") during the Quarter, in preparation for the completion of the Pre-Feasibility Study ("PFS") and Environmental Permit application.

·      Metallurgical test-work confirmed the ability to produce an exceptionally high-grade, low impurity iron ore concentrate grading over 70% iron content ("Fe") and containing less than 2.0% silica and <0.23% alumina.

·      Additional technical workstreams including mineral processing, site infrastructure, logistics and transportation, and water and waste management were also progressed during the Quarter with the planned conclusion of the PFS in Q2 2025.

·      The Consultation Process for Kallak, a critical part of the Environmental Permitting process, was initiated with the publication of a Consultation Document which set out the main parameters and potential impacts of the project.

Finland

·      During the Quarter, further progress was made towards conclusion of the PFS for the Graphite Anode Materials Plant ("GAMP") in Finland, which is expected to be completed in Q1 2025.

·      Optimisation work, specifically on the water treatment process, demonstrated the ability to recover and recycle over 90% of sodium hydroxide, the key reagent in the Purification process, thereby reducing both the input reagent costs and the environmental impact.

Kosovo

·      Exploration activity in Kosovo, undertaken by Beowulf's wholly owned subsidiary Vardar Minerals, focused on infill soil and grab sampling on the Shala East licence.

Financial

·      The underlying administration expenses of £408,605 in Q3 2024 were lower than Q3 2023 of £580,203. This decrease is primarily due to professional fees of £102,037 (Q3 2023: £191,394), P.R. services of £10,313 (Q3 2023: £30,704), legal fees of £3,250 (Q3 2023: £52,452) and travelling expenses of £9,356 (Q3 2023: £21,936).

·      The consolidated loss before tax for the nine months to 30 September 2024 decreased to £1,384,496 (2023: £2,385,743). This decrease is primarily due to share-based payment expenses of £226,530 (2023: £363,354), professional fees of £395,816 (2023: £596,590), directors and staff costs of £345,896 (2023: £545,257), legal fees of £12,121 (2023: £85,928), P.R. services of £37,679 (2023: £79,471), a foreign currency loss of £64,414 (2023: £172,563), finance costs in relation to a bridging loan of £59,147 (2023: £195,304) and a decrease to £Nil in both downstream processing costs (2023: £168,457) and grant income (2023: £83,955) due to capitlisation of the project during the current period.

·      Consolidated basic and diluted loss per share for the quarter ended 30 September 2024 was 1.05 pence (Q3 2023: loss of 2.45 pence restated for the 50 to 1 share consolidation in Q2 FY24).

·      £1,763,718 in cash was held at 30 September 2024 (30 September 2023: £1,719,066).

·      Exploration assets increased to £15,586,309 at 30 September 2024, compared to £14,356,876 at 30 September 2023.

·      The cumulative translation losses held in equity increased by £718,786 in the nine months ended 30 September 2024 to £2,176,658 (31 December 2023: loss of £1,457,872). Much of the Company's exploration costs are in Swedish Krona, which has weakened against the Pound since 31 December 2023.

·      At 30 September 2024, there were 31,561,251 Swedish Depository Receipts representing 81.25% of the issued share capital of the Company. The remaining issued share capital of the Company is held in the UK.

Post Period Activities

·    The Consultation Process for Kallak continued after the end of the Period, with a number of constructive meetings with local stakeholders and authorities.

·    Following the end of the Period, the Company announced the completion of the Business Finland funded project 'Spheronisation and Purification of Natural Graphite for the European Lithium-Ion Battery Market'. Grant funding of €530,000 was received, equivalent to 50% of the three-year €1.06 million budget for the project, with the remaining balance funded by Grafintec's cash reserves.

·    The Company also announced further grant funding of €232,000 committed by Business Finland, equivalent to 50% of the 3-year €464,000 budget for Grafintec's 'Management and Valorisation of Waste Streams in the Coated Spherical Graphite Production Process' project.

·    Coating test-work for GAMP is continuing, with the PFS anticipated to be completed in Q1 2025.

Ed Bowie, Chief Executive Officer of Beowulf, commented:

"Excellent progress continues to be made across our two core assets, and we have a busy period ahead as we finalise the studies and environmental work."

"The Consultation Process for Kallak is in full swing with multiple meetings with stakeholders and relevant authorities. Completing the metallurgical test-work was a major step forward for the project, demonstrating that it can produce a market leading high-grade, low-impurity product. Other technical studies in support of both the PFS and Environmental Permit application continue to advance on schedule.

"The majority of the test-work for GAMP is now complete ahead of the PFS, which is targeted for Q1 2025."

Enquiries:

Cautionary Statement

Statements and assumptions made in this document with respect to the Company's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Beowulf. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to , (i) changes in the economic, regulatory and political environments in the countries where Beowulf operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) Beowulf's continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards iron ore. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. Beowulf assumes no unconditional obligation to immediately update any such statements and/or forecast.